BOSTON -- Fannie Mae has opened its Boston Partnership office and named Ted Chandler, former deputy director of the Massachusetts Industrial Finance Agency, as director.
Fannie, formally the Federal National Mortgage Association, announced in October its House-Boston initiative, a five-year $1.5 billion program to increase affordable housing in Boston.
The company says it has helped provide affordable mortgage financing for nearly 56,000 families in the Boston area, more than 4,500 in the city.
The Boston initiative is among the first established by Fannie as part of a commitment to help finance more than 10 million homes by the end of the decade for families and communities most in need. As part of the initiative, Fannie Mae said it would open 25 partnership offices in central cities, rural areas, and other underserved communities.
So far, Fannie Mae has announced it will open offices in Baltimore, Cleveland, Miami, Minneapolis, New York City, Portland, Ore., Chicago, San Antonio, New Orleans, and Washington.
The office will work closely with community groups, mortgage lenders, nonprofit housing organizations, nontraditional lenders, and the city government.
"In addition, the Boston Partnership office will eventually serve as the center of Fannie Mae's affordable housing outreach efforts throughout Massachusetts." said Mr. Chandler.